Timothy Shawn "Team" Durham Sr. (born 1962) is an American lawyer and financier who was convicted in 2012 for the biggest white-collar crime in Indiana history. His investment company, Obsidian Enterprises, invests in a number of companies, including BrightPoint wireless devices and the National Lampoon, Incorporated comedy brand, where Durham is CEO. In 2012, Durham was sentenced to 50 years in prison in connection with the Ponzi scheme that deceived 5,400 investors, many of them elderly, about $ 216 million, according to the US Securities and Exchange Commission.
Video Tim Durham
Early life and education
Durham grew up in Seymour, Indiana. He graduated from Indiana University and his law school.
Maps Tim Durham
Careers
Business and Obsidian
He worked for Ice Miller after graduation, and in 1989 he married Joan SerVaas. Durham soon joined the investment firm owned by his wife's father, the Indianapolis financier and the president of the old city council Beurt SerVaas. Durham left the company after the 1998 divorce. Durham was involved in taking over many sick companies, including the school bus producer Carpenter, cargo trailer maker Danzer Industries and United Expressline, the US Rubber Reclamation, and the Pyramid Trainer bus rental company.
In 2001, he took his company Obsidian publicly. Public companies then invest in various companies, including rally-car builders, plastic surgery centers, car magazines, tour bus operators, limousine rental companies, night clubs, Italian restaurants, and cell phone processor bills. Obsidian also invests in distributors of BrightPoint and National Lampoon, Incorporated mobile devices. From 2001 to 2006, Obsidian suffered a cumulative loss of $ 30 million, according to the bankruptcy trustee. During that time, Obsidian borrowed heavily from Fair Finance Company, a creditor based in Akron, Ohio. Durham and accomplices James Cochran had obtained Fair Finance through its parent company in 2002. Durham appointed Dan Laikin as CEO of National Lampoon Inc. SEC allegedly conspired Laikin to inflate the company's stock price to $ 5 to prevent the company from being expelled from the US Stock Exchange. Laikin warned authorities for the Durham financial scheme in the hope of getting a reduction in punishment. Durham took over as CEO of Lampoon after Laikin resigned.
Invade and hold
The Obsidian and Fair Finance offices were invaded by a federal agency in 2009, suspected of involvement in the Ponzi scheme. Durham was arrested in 2011.
On June 20, 2012; the Indianapolis jury sentenced Durham to 10 counts of wire fraud, one count of securities fraud, and one count of conspiracy to deceive. On November 30, 2012; he was sentenced to 50 years in prison-at his age, effectively a life sentence. While he faces a maximum of 225 years under the sentencing guidelines, federal district judge Jane Magnus-Stinson says there is no point in imposing long sentences. Nevertheless, Joe Hogsett, US Attorney General for the Southern District of Indiana, called it the longest sentence ever imposed for white-collar violations in Indiana's history.
On September 4, 2014, a federal appeals court overturned two of the 10 wire fraud charges against Durham and ordered a new verdict trial, saying prosecutors failed to include some key evidence into court records. On June 26, 2015, Durham served a 50-year sentence that was restored. Magnus-Stinson said that "the huge number of victims and the number of destruction" leaves little reason to reduce the original sentence. He served his sentence at the United States Penitentiary, McCreary in McCreary County, Kentucky; He was also sentenced to a two-year supervised release, but this was largely academic because of the possibility that he would die in prison. He will not be eligible for release until January 25, 2056 - when he will be 94 years old.
Wali Fair Finance Co. Brian Bash is accused of prosecuting in 2012 that Durham's mother, Mitza Durham, received more than $ 831,000 in "fake transfers" from her son between 2006 and 2009 to be paid back to the company. In 2014, Mitza Durham agreed to repay Fair Finance Co. $ 500,000, plus interest.
Personal life
Political activism
According to Businessweek , Durham is a leading Republican fundraiser. He served on the steering committee for the successful bid of governor Mitch Daniels in 2004 and led the Indiana fundraising effort for President Rudy Giuliani's 2008 campaign. "
References
External links
- Liquidity Site of Fair Financial Companies
- US. v. Durham, 11-cr-00042, US District Court, Southern District of Indiana (Indianapolis)
Source of the article : Wikipedia
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